Taylor's entire collection of pricey baubles is set to be auctioned off at Christie's, with proceeds going to amfAR and the Elizabeth Taylor AIDS Foundation, a source tells E! News. And with a face value close to $200 million, the entire collection could bring in more than double that when it sells.

While no date has been locked down, there will be a private viewing the night before the auction opens to the public, according to our source, who is close to Spelling. And that's when the enormously wealthy widow, who owns a 40-carat diamond of her own, plans on scooping up some trinkets for herself.

"Candy and Liz knew each other socially in Hollywood over the years," says our insider. "They used to see each other and compare pieces. It was looking at each other's diamonds before they even say hi. Candy would joke 'mine's better' but she wants in on every one of those pieces. She loves jewelry, and she loved Elizabeth's jewelry."

Taylor famously collected jewelry and was gifted many pieces by men and studios, amassing an enormous, and expensive collection that made jewelers themselves jealous. She owned everything from Cartier necklaces to a 19-carat diamond from Richard Burton.

The 79-year-old Taylor even wrote a book called My Love Affair With Jewelry.

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